Fund loses $17.3 million as market index rises

Fisher Funds is facing questions after one of its funds lost $17.3 million in the year to June 30, 2026. The fund is called Marlin. It invests in companies around the world. Its adjusted net asset value return was -8.5%.

This result was far below its benchmark. The benchmark index gained 30.5% during the same period. That means Marlin's return was 38.5 percentage points below its benchmark.

Why did Marlin fall?

Marlin's manager said the fund was on the wrong side of a big market move. AI linked stocks and some cyclical stocks rose strongly during the year. Marlin did not have enough exposure to many of these stocks.

Some individual stock choices also hurt the fund's results. The fund's manager said a full review of its portfolio has been done. The team is also looking at ways to improve its investment process.

Barramundi had a different result

Another Fisher Funds managed fund also reported its yearly results. Barramundi lost $42.9 million. But its adjusted NAV return was 18.2%.

Its benchmark was the ASX 200. That index gained 9.2%. Barramundi therefore performed 9 percentage points above its benchmark.

What this means for investors

The results show the risks of active investing. A fund manager can choose stocks that perform much better than the market. But those choices can also lead to large losses.

Kernel founder Dean Anderson said holding a small number of stocks can increase this risk. He said strong stock choices can help an active fund. But wrong choices can also cause major problems.

Marlin's board said it was disappointed with the fund's performance. It is working with the manager to improve future results.

The fund's manager remains confident in its long term strategy. He said the portfolio now has more attractive prices and could deliver better returns in the future.